The Financial Services Committee of the US House of Representatives.
Steil, the republican president of the Panel Subcommittee, said that Trump’s first half is underway: the stable legislation of the congress that has already advanced through committees both in the Chamber and in the Senate, so a Wednesday hearing explored the draft Law on Digital Assets long to establish to establish the structure of the crypto markets. These hearings represent a step in the climb of such an effort through Congress.
The representative French Hill, the republican of Arkansas who runs the General Committee, indicated that those who work on the bill are closer to freeing a successor from innovation and financial technology for the Law of the 21st Century (FIT21), the legislation of the House of Representatives that approved last year but failed to progress in the Senate.
“The committee has committed to a wide range of interested parties, from government agencies to ecosystem leaders to identify ways in which market structure legislation can be refined and strengthened even more,” he said during the audience. “We are actively working to publish a draft legislative discussion that reflects that the comments of the members and market participants.”
Democrats in the committee repeatedly returned to Trump’s cryptographic commercial activity and his family, questioning industry lawyers about whether it represents a conflict of interest. The representative Maxine Waters, the Committee’s Democratic ranking, accused the panel of Trump to make Trump “the King of Cryptography by approving legislation that allows him to corner the market in Stablecoins, kicking George Washington out of the dollar and making his own stable.”
Witnesses refused mainly to participate in Trump, although a consumer defender who testifies on Wednesday, Alexandra Thornton, principal director of the Center for American Progress, said that “there have been a series of things that the Trump administration has made that it has favored cryptography, and include many who mentioned, but also letting go to many members of the conflict staff, which fall against the crypto.
Legislators also pierced the appropriate roles of the Bag and Securities Commission and the Basic Products Commerce Commission in future cryptographic supervision, and how Congress should define which regulatory cubes should handle different digital assets. In recent years, the interpretation of the SC on how to use the Securities Law to identify which cryptographic tokens are values left in the industry in legal confusion and plunge compliance disputes, despite some early orientation of the agency on how to negotiate legal standards.
“Market participants have still found it difficult to apply,” said Tiffany Smith, who works with cryptographic clients in the Wilmerhale law firm. He added that the definitions become even more complicated when most cryptographic transactions occur in secondary markets, as in encryption exchanges. “Regulatory clarity is needed,” he said.
Later, on Wednesday, the counterpart of the subcommittee within the Agriculture Committee of the House of Representatives had an related hearing, aimed at advancing in a market structure bill. That committee supervises the CFTC, which probably has a main role in surveillance of US cryptographic transactions.
Read more: the US House Law Project
Update (April 9, 2025, 18:17 UTC): Add information about the House of Representatives in the Ag Committee.
